According to Cryptoslam, the trading volume for NFTs decreased by 21.6% last month compared to September. The total value of transactions during this time was $313 million.
Analysts noted a decrease in market participation since February 2023. In the middle of October, trading activity hit its lowest point of the year.
In September 2023, the total value of transactions on the marketplace was almost $398 million.
The majority of NFT trades in October occurred on the Ethereum blockchain, which accounted for $171 million in transactions, representing 55% of the total NFT market.
However, this was a 17.2% decrease compared to September. In second place was the Mythos network, which saw a 10.7% increase in trading volume to $36 million.
The Solana network came in third with a total of $28.91 million in NFT transactions.
Trades on the Polygon blockchain saw the biggest decrease, with a 60% drop in digital collections sold.